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AC Milan’s Reported Takeover Bid By The LVMH Group Could Have Been Part Of A Scam

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Milan would surrounded by baseless rumours and it turns out something larger and more sinister could’ve been at play.

LVMH Moet Hennessy Louis Vuitton SE Chief Executive Officer Bernard Arnault Presents Earnings

La Repubblica are reporting that the rumours of the LVMH Group wanting to take over AC Milan was an attempted scam. The incident has reportedly been investigated by the Milan Public Prosecutor’s Office where a 62 year former bank official from Brescia is considered to be behind this.

The person in question reportedly presented himself an an intermediary of Bernard Arnault and his interests. He placed himself in a position where he was considered to be the linchpin of the deal between Elliot and LVMH. The individual brought on a general manager and got him to start assembling a senior management team ready to takeover Milan. Two other people were thereafter involved in the scam as they posed as a business partner and financial adviser to the deal.

All the drama then unfolded last summer when Antonio Belloni, the general manager of the LVMH Group publicly declared “I don’t know any of the people you speak of.” The LVMH Group also went out of their way to dispel rumours a number of times.

The case has been brought forward to the police in 2021 and they are currently investigating.